Source: Financial Times

By Roel Landingin in Manila

The Asian Development Bank has lost to China a key water financing deal in the Philippines that the regional lender had hoped would be a showcase for a new flexible lending facility.

The state water agency has withdrawn its application for a $70m (54m euros, 36m pounds) loan from the ADB to repair an aqueduct that supplies 98 per cent of Manila's water needs, after deciding to borrow instead from the China Export-Import Bank.

The Chinese bank is promising cheaper rates and faster approval, said Macra Cruz, the deputy administrator at MWSS, Manila's state water agency.

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Posted by pichu at January 12, 2007 12:10 PM